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Lankford, Scott, Colleagues Want to Stop Congress from Overspending When Inflation Soars

OKLAHOMA CITY, OK – Senator James Lankford (R-OK) joined Senators Tim Scott (R-SC) and John Thune (R-SD), and eight of their colleagues to introduce the Inflation Prevention Act (IPA) to help combat inflationary spending. Due to record government spending over the last two years, many Americans face rapidly rising costs of consumer goods. This bill would bar legislation estimated to increase inflation until the year-over-year inflation rate drops below 4.5 percent. Lankford, Scott, and Thune are joined on the bill by Senators Chuck Grassley (R-IA), Rick Scott (R-FL), Joni Ernst (R-IA), Todd Young (R-IN), Marco Rubio (R-FL), John Hoeven (R-ND), Bill Hagerty (R-TN), and Steve Daines (R-MT).

“It’s clear that Democrats’ reckless spending approach to the pandemic has created the inflation crisis Oklahomans now face, especially after inflation hit a devastating 7 percent in December,” said Lankford. “I have warned about the impact of out-of-control spending on our economy for years. Our proposal protects against federal over spending that makes inflation worse, helps make sure future emergency spending only moves forward when absolutely needed, and reins it in when the federal pork barrel buffet starts to roll toward inflation.”

“American families cannot continue to endure the burden of skyrocketing costs of everyday goods brought on by reckless spending in Washington,” said Tim Scott. “A sound financial future requires wise financial action now.”

“Our country is facing the highest level of inflation in nearly 40 years, and South Dakotans are paying more for food, utilities, and gas,” said Thune. “I’m proud to join Sen. Scott in the fight to stop the Democrats’ reckless tax-and-spending spree, which would significantly worsen the already damaging inflation crisis.”

“From gas to groceries, Iowans and all Americans are paying higher prices because of record inflation stoked by irresponsible government spending. Our bill seeks to prevent Congress from pouring even more gasoline on the fires of inflation by restricting the ability of Congress to approve new spending while inflation remains historically high,” said Grassley.

“Families are worried about the skyrocketing inflation our country is experiencing. We know that reckless government spending causes inflation, but President Biden and the Democrats have absolutely no plans to slow down spending or get our debt under control. It’s shameful. Congress needs to get real about the true cost on every American family that this wasteful spending brings and start acting responsibly. That’s why we must pass the Inflation Prevention Act. I look forward to my colleagues supporting this measure to stop reckless spending and getting our country back on the path to prosperity,” said Rick Scott.

“President Biden’s policies continue to cause soaring inflation–the highest in forty years–pinching the pocketbooks of hardworking Iowans and making it harder for them to purchase everyday household items from groceries to gasoline. We must reign in the Democrats’ out of control spending, and this effort will take steps to ensure spendthrift lawmakers are held accountable for the impact their action have on everyday Americans,” said Ernst.

“Under the Biden inflation crisis, inflation is at a 40-year high and working Americans are struggling to pay for the daily essentials. For months, Democrats have ignored the problem, blaming everything instead of their socialist spending agenda. The Inflation Prevention Act would ensure that the bills we are voting on in Congress do not make this problem worse,” said Young.

“Everyday Americans could care less about a lot of the issues we have been discussing lately in the Senate,” said Rubio. “What people are really worried about is the fact that it costs more to feed their families and put gas in their cars. People can’t get basic goods because grocery store shelves are empty. And rather than fixing the problem, the Biden Administration and Democrats in Congress are making things worse. This bill puts a few commonsense guardrails in place to curb reckless spending habits in Congress that threaten to create even more challenges for American families. That’s the kind of action we should be taking right now.”

“Inflation is a tax on all Americans and it is now the highest rate it has been in 40 years,” said Hoeven. “The Inflation Prevention Act will prohibit legislation that worsens inflation. Prices are continuing to rise, and our bill will help prevent further harm to American consumers.”

This bill is supported by the National Taxpayers Union, Heritage Action, Americans for Tax Reform, FreedomWorks, and the Conservative Political Action Coalition (CPAC).